Activity level has remained high among both insurers and core system vendors. Just in the month of July, at least five insurers announced a new policy administration system purchase. As of February 2014, approximately 160 insurers were in the process of implementation, and in the past two years, nearly all policy administration system vendors have made major investments in upgrading features, functions, usability and integration methods, according to research and advisory firm Celent.
Successful integration can make or break a core system project. In fact, 54 percent of 203 insurance executives surveyed by SAP in 2013 believe the best practice for managing core systems modernization is to find a trusted partner with an integrated solution platform. In the same survey, 38 percent of respondents felt that their systems are completely outdated, poorly integrated and cannot be modernized incrementally.
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